Blockchain's technology is the latest buzz in every sector of the business and its popularity has increased significantly since Bitcoin.
Recognized as a centralized application that can make transactions fast, secure, traceable and transparent, Blockchain is readily adopted. The blockchain development services have been the hottest topic among tech businesses these days.
But, how do you know if blockchain that has been trusted for secure transactions is a fit for your application project? The answer to the questions lies in understanding the fundamentals of Bitcoin and blockchain. Once you understand the advantages and drawbacks of the technology for your designated projects, it will help you take the right decision.
What is a blockchain?
"A blockchain is the data structure that the Bitcoin cryptocurrency uses for its public ledger, where transactions are recorded."
To understand blockchain, let us first discuss Bitcoin.
Bitcoin is the first decentralized currency in the world and it has attracted more and more attention over the last couple of years.
Bitcoin functions with the help of blockchain technology which is itself based on the chain of transactions blocks. The information about those transactions updates at all devices in the world simultaneously.
Mobile app development is a growing area of technology that is making use of various tired and tested methods to bring out the best solutions, with many newer players opting blockchain technology for innovative development of applications.
Before you call Blockchain a gimmick, know there is a county in the US that has started accepting cryptocurrency as payment for taxes.
Even the big players are embracing blockchain software development services. A quick glimpse over
To conduct blockchain transactions, there is no need for support from middlemen or third parties. The most beneficial feature of the blockchain technology is the peer-to-peer payment architecture rather than the server-based architecture.
To accomplish robust and innovative mobile applications, the Blockchain software development company believes that familiarity with the functionality of bitcoin is very important and it will help in reaping the full benefits of the Blockchain.
But, how to create a mobile application using bitcoin technology. Of course, hire a blockchain developer is the most obvious answer.
However, there are a few things that one should know when opting for decentralized apps.
Starting from application designing to development code, everything will be quite different.
First and foremost, the app developer has to create an architecture for incorporating the peer-to-peer pseudonymous electronic cash system as it is vital to develop an app like the bitcoin.
But don’t be a copycat to bitcoin as your app idea is a unique concept and will have different requirements. Moreover, there is a great need to use blockchain properly to develop a perfect app.
Here are a few reasons why blockchain technology and app development make a perfect match.
Blockchain adds a digital ledger system
When one says, blockchain development as a digital ledger, it becomes a quite interesting topic to know about and use in the upcoming technological developments.
Yes, blockchain is a digital ledger that is supported by an expansive computer network, all sending and parsing data collaboratively.
The change in information on one system is directly transmitted to other machines on the network thus ensuring authenticity and consistency of the information.
With millions of smartphone users across the world, the mobile networks experience a heavy flow of traffic and users trying to get data wirelessly. There can be a loss of information. But, with blockchain technology featuring advanced storage and data streaming, this can be improved significantly.
Transparency feature creates a secure environment
For an application to function optimally, transparency is important, but it should be done in a secure environment. Information is recorded in such a way that it is easily tracked by users. Moreover, the information flows in a way that creating fake transactions is impossible.
Fortunately, the blockchain ledger allows you to see everything in one place. The information storage and categorization can be tracked, verified and secured all at once.
If there is an overflow of entries, the blockchain has the capability to expand itself. Hire a blockchain developer to create hi-tech apps that embed with the growing technology and customer demands.
A blockchain software development company understands the features and complexities associated with blockchain technology and app development.
Digital data is safe even if accessed by multiple users
Encryption is complex with blockchain technology. It is not possible for anyone to fool the system without a decryption key. So, there is a requirement of giving access to multiple users but also needs verification of information that is adjusted.
In some of the professions, specifically legal and financial sector, there is a need for multiple signatures on a contract or document. So, with the blockchain technology, the information could be edited and accessed all at once by multiple parties without anyone need to communicate with each other.
As the blockchain and mobile app development advances, the blend of both will prove a boon for the technology sector.
It has been already discussed that blockchain-based technology is decentralized which means there is no single, centralized authority responsible for storage and management of information which makes it quite different from the conventional apps.
These decentralized applications are completely open-source and there is a need to operate autonomously.
Experts say- ‘The mobile application is the most effective marketing tool of business in this smart world.’
Therefore, make sure to market your brand through mobile apps efficiently.
The blockchain technology merger with mobile app development is the latest and most effective way to create an application that reflects your brand impeccably.
Find more top mobile app developers worldwide on AppFutura.